Alphabet Joins $2 Trillion Club as Results Show AI Strength
- Report reassures investors about its prospects with AI
- Google parent already twice breached level on intraday basis
The $2 trillion milestone followed the company’s results, where revenue beat expectations on the strength of its cloud-computing unit.
Photographer: Alex Kraus/BloombergAlphabet Inc. closed decisively above a $2 trillion market capitalization for the first time on Friday, as a powerhouse earnings report reassured investors that the Google parent would be a major player in artificial intelligence.
The stock rose 10% to $171.95, its biggest one-day jump since July 2015, resulting in a valuation of $2.15 trillion. The advance added almost $200 billion to the company’s market capitalization, making for one of the largest single-day value adds in stock market history. Shares have risen 23% this year, compared with the 5.3% gain of the Nasdaq 100 Index.